Homework Answers
a)
Cost of goods sold = Net sales - Gross profit
= 875,000 - 305,000
= $570,000
b)
Cost of goods available for sale = Beginning inventory + Purchases - Purchase returns and allowances - Purchase discount + Freight in
= 75,000 + 560,000 - 8,000 - 12,000 + 10,000
= $625,000
c)
Ending inventory = Cost of goods available for sale - Cost of goods sold
= 625,000 - 570,000
= $55,000
Kindly give a positive rating if you are satisfied with the answer. Feel free to ask if you have any doubt. Thanks.
Add Answer to:
LIEU DULDI Pomnes. PROBLEM 1: 15 POINTS The income statement of Leang's Luggage includes the items...
The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Be...
The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Beginning inventory 75,000 Purchase discounts 12,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 320,000 Purchases 560,000 Instructions Use the appropriate items listed above as a basis for determining: (a) Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory.
Identify Items Missing in Determining Cost of Goods Sold For (a) through (e), identify the items...
Identify Items Missing in Determining Cost of Goods Sold For (a) through (e), identify the items designated by "X" and "Y", a. Purchases - (X+Y) - Net purchases. b. Net purchases + X - Cost of inventory purchased, 6. Inventory (beginning) + Cost of inventory purchased - X Purchases discounts, Freight in Purchases returns and allowances, Freight in d. Inventory available for sale - X = Cost of goods sold before estimated returns. e. Cost of goods sold before estimated...
Problem #1 (15 points) e end of Swann Company year-end on December 31, 2016, Swann Company...
Problem #1 (15 points) e end of Swann Company year-end on December 31, 2016, Swann Company uses a ic inventory system and has these account balances at year end: Purchases $447,000; urchase Returns and Allowances $6,400; Purchase Discounts $12,000; and Freight-in $5,600; inventory of $65,000; sales revenue of $725,0o0, sales beginning inventory of $40,500; ending return and allowance $11,000 and sales discount of $2,000 Instructions Prepare an income statement through gross profit for the year December 31,2016 1) Determine the...
1. For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances...
1.
For Whitehair Company, beginning inventory is $12,000 and ending
inventory is $15,000. Yearend account balances are:
Freight-In
$1,100
Purchases
50,000
Purchase Discounts
800
Purchase Returns and Allowances
1,250
Sales
Discounts
2,500
Sales
Returns and Allowances
3,600
Whitehair’s Cost of Goods Purchased is
2. In a period of inflation, which cost flow method produces the
highest net income?
For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances are: $1,100 50,000 800 Freight-In Purchases Purchase...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
Problem 3 The Jessica Company supplies you with the following information: Freight-in $ 2,000 Freight-out (selling...
Problem 3 The Jessica Company supplies you with the following information: Freight-in $ 2,000 Freight-out (selling expense) 7,000 Gross sales 122,000 Merchandise inventory, Jan 1, 20x4 12,000 Merchandise inventory, Dec 31, 20x4 15,000 Purchases 75,000 Office supplies used 7,000 Purchase discounts 7,000 Purchase returns and allowances 6,000 Sales returns and allowances 15,000 Supplies inventory, Dec 31, 20x4 5,000 Required - Calculate the cost of goods sold for Jessica Company. Prepare the journal entry to (1) record cost of goods sold...
Two or more items are omitted in each of the following tabulations of income statement data....
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $291,720 $ $406,940 Sales returns and allowances (11,810) (12,120) Net sales 349,189 Beginning inventory 19,560 30,270 Ending inventory Purchases 258,540 296,630 Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales (4,560) 7,200 (233,850) (7,710) 9,660 (9,040) 12,630 (294,728) 46,060 90,160 91,140
Two or more items are omitted in each of the following tabulations of income statement data....
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $292,550 $410,470 Sales returns and allowances (10,040) (12,050) Net sales 345,778 Beginning inventory 20,230 32,760 Ending inventory Purchases 260,310 297,101 Purchase returns and allowances (4,960) (8,640) (10,920) Freight-in 7,970 8,460 11,900 Cost of goods sold (236,970) (295,504) Gross profit on sales 45,540 90,810 103,170
Merchandiser’s Income Statement Puzzler Using the following information, calculate (a) net sales, (b) cost of goods...
Merchandiser’s Income Statement Puzzler Using the following information, calculate (a) net sales, (b) cost of goods sold, (c) gross margin from sales, and (d) net income. Freight In $ 400 Merchandise Inventory, Jan.1 30,000 Gross Sales 120,000 Purchase Discounts 600 Advertising Expense 8,000 Purchases 40,000 Merchandise Inventory, Dec.31 10,000 Sales Returns and Allowances 1,000 General and Administrative Expenses 14,000 Net Sales a. ____________________ Cost of Goods Sold b. ____________________ Gross Margin from Sales ...
M Prepare in good presentation statement of income for the year Millville Company: Inventories: July 1,...
M Prepare in good presentation statement of income for the year Millville Company: Inventories: July 1, 19A June 30, 19B Finished goods.......... 10.000 $28,000 Work in process......... 304,000 36,000 Materials ........... 40,000 48,000 Sales discounts. Purchase discounts ................ Sales ............... Purchase returns and allowances ...... Depreciation-factory machinery ...... Factory insurance. ...... Freight out .......... Other factory expenses .......... Bond interest expense ........... Sales salaries................ Freight in............... Direct factory labor ........ Materials purchases ....... Advertising expense........ $ 8,000 3,200 1,800,000 20,000...
The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Beginning inventory 75,000 Purchase discounts 12,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 320,000 Purchases 560,000 Instructions Use the appropriate items listed above as a basis for determining: (a) Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory.
Identify Items Missing in Determining Cost of Goods Sold For (a) through (e), identify the items designated by "X" and "Y", a. Purchases - (X+Y) - Net purchases. b. Net purchases + X - Cost of inventory purchased, 6. Inventory (beginning) + Cost of inventory purchased - X Purchases discounts, Freight in Purchases returns and allowances, Freight in d. Inventory available for sale - X = Cost of goods sold before estimated returns. e. Cost of goods sold before estimated...
Problem #1 (15 points) e end of Swann Company year-end on December 31, 2016, Swann Company uses a ic inventory system and has these account balances at year end: Purchases $447,000; urchase Returns and Allowances $6,400; Purchase Discounts $12,000; and Freight-in $5,600; inventory of $65,000; sales revenue of $725,0o0, sales beginning inventory of $40,500; ending return and allowance $11,000 and sales discount of $2,000 Instructions Prepare an income statement through gross profit for the year December 31,2016 1) Determine the...
1.
For Whitehair Company, beginning inventory is $12,000 and ending
inventory is $15,000. Yearend account balances are:
Freight-In
$1,100
Purchases
50,000
Purchase Discounts
800
Purchase Returns and Allowances
1,250
Sales
Discounts
2,500
Sales
Returns and Allowances
3,600
Whitehair’s Cost of Goods Purchased is
2. In a period of inflation, which cost flow method produces the
highest net income?
For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances are: $1,100 50,000 800 Freight-In Purchases Purchase...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $291,720 $ $406,940 Sales returns and allowances (11,810) (12,120) Net sales 349,189 Beginning inventory 19,560 30,270 Ending inventory Purchases 258,540 296,630 Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales (4,560) 7,200 (233,850) (7,710) 9,660 (9,040) 12,630 (294,728) 46,060 90,160 91,140
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $292,550 $410,470 Sales returns and allowances (10,040) (12,050) Net sales 345,778 Beginning inventory 20,230 32,760 Ending inventory Purchases 260,310 297,101 Purchase returns and allowances (4,960) (8,640) (10,920) Freight-in 7,970 8,460 11,900 Cost of goods sold (236,970) (295,504) Gross profit on sales 45,540 90,810 103,170
M Prepare in good presentation statement of income for the year Millville Company: Inventories: July 1, 19A June 30, 19B Finished goods.......... 10.000 $28,000 Work in process......... 304,000 36,000 Materials ........... 40,000 48,000 Sales discounts. Purchase discounts ................ Sales ............... Purchase returns and allowances ...... Depreciation-factory machinery ...... Factory insurance. ...... Freight out .......... Other factory expenses .......... Bond interest expense ........... Sales salaries................ Freight in............... Direct factory labor ........ Materials purchases ....... Advertising expense........ $ 8,000 3,200 1,800,000 20,000...
Most questions answered within 3 hours.
-
The marketing class at CSUS had an average score of 150. An
educational analyst determined that...
asked 33 minutes ago -
Justin Case has purchased a $250 000 home by putting 20 % down
and taking out...
asked 43 minutes ago -
1. In a labor market, marginal cost for a firm is
____________.
a. recruiting cost
b....
asked 1 hour ago -
On January 1, 2019, ABC Company issued $60,000,000 of 20-year,
10.5% bonds when the market rate...
asked 1 hour ago -
39.4% of US homes continue to use a landline in addition to cell
phone service. 3...
asked 2 hours ago -
Starting with benzene, synthesize 1-phenyl-1-butyne.
Show intermediates and reagents.
asked 3 hours ago -
Create a 32-run crossed array design with six control factors
and two noise factors such that...
asked 4 hours ago -
A 500g sample of sand from source A has the following amounts
retained on each sieve....
asked 4 hours ago -
In
your own words, please explain the essay by John Keynes wrote "The
End of Laissez...
asked 4 hours ago -
How are the matrix and pixels related? Why are smaller
pixels better for diagnostic quality?
asked 4 hours ago -
2. An AC generator has 80 rectangular loops on
its armature. Each loop is 11 cm...
asked 4 hours ago -
Please help me with this question. Consider Aldi’s current and
potential geographic markets (see Exhibit 4...
asked 4 hours ago